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A summit on "The Role of the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Combating Financial Crimes."  Launched today in Dubai. The event is held under the patronage and in the presence of His Excellency Ahmed Al Sayegh, Minister of State, and His Excellency Abdulla bin Touq Al Marri, Minister of Economy. The summit, taking place on April 16th and 17th, is a collaborative effort between the Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN). Its objectives include highlighting national efforts, fostering cooperation between the public and private sectors, and reinforcing commitment to international standards in the fight against the financing of terrorism and the proliferation of arms.

The summit also serves as a key platform for raising awareness about the updated national and international requirements set by the Financial Action Task Force (FATF). A central focus will be on customer due diligence and verification procedures, aligning with targeted financial sanctions aimed at preventing terrorism financing and the proliferation of arms. The summit also seeks to empower the DNFBPs sector, including real estate agents and precious metals dealers, to effectively implement the latest regulatory measures.

In his opening address, H.E. Abdulla bin Touq Al Marri, Minister of Economy, underscored the unwavering commitment of the United Arab Emirates, guided by its wise leadership, stating: "Thanks to the directives of its wise leadership, the UAE has adopted advanced and innovative strategies and legislation to establish a comprehensive national system to counter money laundering and the financing of terrorism. Developed according to global best practices, this system has significantly enhanced the positive international reputation of our national economy and solidified its position as a competitive economic hub that adheres to the highest standards of integrity and transparency in financial and commercial control."

Expanding on this, H.E. Abdulla bin Touq highlighted the UAE’s introduction of a series of robust legislative and policy measures to strengthen its anti-money laundering framework, positioning the country among the global leaders in this area. Between 2020 and 2024, more than seven key laws and policies were introduced. The UAE continues to play a proactive role in the international fight against financial crime, underscored by its adherence to FATF standards and deepening cooperation with both regional and global partners.

His Excellency also emphasized: "We firmly believe that the private sector, encompassing (DNFBPs) Sector, forms the first line of defense against financial crimes. Their proactive reporting of suspicious transactions is vital in enabling the relevant authorities to track financial crimes, address offenders, confiscate illicit gains, and enforce penalties. This ultimately fosters a secure business environment and a stable economic climate, bolstering the nation's reputation as a safe and attractive investment destination regionally and globally."

His Excellency further stated: "This summit is particularly timely as the regulatory and supervisory landscape for combating money laundering and the financing of terrorism undergoes rapid evolution both domestically and internationally. This underscores the summit's importance as a significant national platform for strengthening dialogue, communication, and integration between the country's regulatory bodies and the private sector."

His Excellency concluded: "Through this summit, we aim to enhance joint cooperation to elevate the readiness of the (DNFBPs) Sector, and to improve their engagement with the latest amendments in the FATF methodology. This will be achieved by promoting awareness of best practices and providing a forum for constructive dialogue on challenges and opportunities, thereby contributing to the embedding of a culture of institutional compliance and the achievement of the highest levels of long-term sustainability."

H.E. Talal Al-Teneiji, Director of the Executive Office for Control and Non-Proliferation, also stressed the collaborative nature of combating financial crimes in his address: "...Addressing financial crimes is not merely a matter of regulatory compliance but a shared responsibility that demands effective cooperation between the public and private sectors, as well as at the international level."

Al-Teneiji highlighted the strategic importance of the (DNFBPs) Sector: "...We take pride in the valuable participation of government entities and the (DNFBPs) Sector – a sector with which we value a strategic partnership and consider a crucial line of defense in combating crime, given its leading role and contribution to the development and implementation of control requirements and the fight against terrorism and the proliferation of arms."

He commended the UAE's proactive approach in strengthening its legislative framework: "...Over the past years, the UAE has taken significant steps in modernizing the necessary legislative and operational frameworks to ensure adherence to international requirements in the implementation of targeted financial sanctions related to combating the financing of terrorism and the arms proliferation."

Regarding the capacity-building efforts of the Executive Office for Control and Non-Proliferation, H.E Al-Teneiji referred to the Office's recent launch of a specialized electronic learning platform focused on targeted financial sanctions. This complements existing programs, guidance manuals, illustrative videos, and the provision of awareness sessions and presentations on the website and communication channels. He also highlighted the recently completed study, in collaboration with both sectors, assessing the risks of financing the proliferation of arms at the national level. Sessions have commenced to share the key findings of this study to contribute to the reduction of customer-related risks.

The two-day summit will feature interactive discussions and related typology studies addressing strategies for tackling financial crimes. Furthermore, several Memoranda of Understanding are slated for signing, which will be pivotal in reinforcing the country's strong commitment to combating illicit financing and ensuring compliance with international standards.